Brexit update: Visa jobs may move to Europe

In the first major payments-related company move, hundreds of Visa jobs may be moved to mainland Europe following Britain’s decision to leave the EU, according to Sky News.

The newschannel says that a clause in the recent £17.5 billion takeover by Visa of Visa Europe states that Visa card transaction data must not leave Europe. This is likely to mean that European regulators from Germany and other countries will push for any UK-based data operations to be relocated to the continent.

Any decisions made about jobs will most likely wait until there is a clearer picture regarding Britain’s trading arrangements with European countries.

This latest development, comes after several banks including Citi, Goldman Sachs and Stanley Morgan, all who supported the Remain campaign, revealed they are considering the possibility of moving roles to financial centres on the continent.

The process and timing for the UK leaving Europe remains unclear,” a Visa spokeswoman told Sky.

“While we continue to monitor the situation carefully, it is premature to speculate on whether possible changes to the location of our data centres would make sense or be required.”